About this property

Detailed Description

20 Wide Bargate comprises a prominent corner three storey Grade II Listed Building, with the principle heritage asset fronting Wide Bargate with later additions to the rear.

Unit 1, forming the frontage of the building, has previously been occupied by Prezzo and comprises a fully fitted-out Restaurant Premises on Ground and First Floor levels which is ready for immediate trading occupation.

Unit 2, fronting Park Gate will, upon completion of separation works to be undertaken by our clients, form a further Ground Floor Restaurant class E opportunity.

Location

Boston is a large Market Town with an estimated population of approximately 70,000 people with the Town being the largest conurbation within south Lincolnshire and being situated approximately 35 miles South East of the City of Lincoln.

20 Wide Bargate occupies a prime Town Centre position with frontages to both Wide Bargate and Park Gate with the property being situated immediately adjacent to Boston County Club and Central Park.

Accommodation

In terms of net internal area, Unit 1 (comprising the former Prezzo Restaurant) and Unit 2 comprise as follows:

UNIT 1
Floor Description SQM SQFT
Ground Restaurant Bar, Kitchen/pre area 228.7 2,462
Ground Unisex/Disabled WC - -
First Restaurant Seating Area 206.9 2,227
First Ladies and Gents WCs - -
TOTAL 435.6 4,689

UNIT 2
Floor Description SQM SQFT
Ground Retail/Seating Area, Servery,
Potential Kitchen 121.0 1,302
Ground Unisex/Disabled WC - -
TOTAL 121.0 1,302

In addition to the property itself, there is a Rear Service Yard for fire escape purposes and for storage of refuse bins and so forth together with limited off-street parking accessed from Park Gate.

Services

We understand that the various elements of the property are currently connected to mains electricity, gas, water and drainage.

None of the services or appliances that are believed to be connected to the properties have been tested by Brown&Co LLP and prospective tenants are advised to check upon the adequacy of provision of services and utilities with the relevant statutory Strategy Authorities prior to making an offer to take a new lease in respect of either property.

Viewing

For further information, or to arrange a viewing of the properties concerned, please contact the Sole Letting Agents:

Brown&Co LLP
5 Oakwood Road,
Doddington Road,
Lincoln, LN6 3LH

James Cameron
01522 457800
07768 465753
james.cameron@brown-co.com

Will Gaunt
01522 457182
07919 694235
william.gaunt@brown-co.com

VAT

We understand that the property is elected for VAT and that VAT will therefore be charged upon any rent agreed.

Legal Costs

Each party is to be responsible for their own legal and professional costs incurred in respect of any lease negotiated.

Other

RATEABLE VALUES
Units 1 & 2 are currently assessed under the 2023 Rating List as follows:

Unit 1 - Restaurant and Premises - RV £58,000
Unit 2 - Café, Gym and Premises - RV £20,750

Following completion of our Client's proposed separation works intended in respect of Unit 2, the Rating Assessment will require reassessment as it presently includes parts of the property that are not proposed to form part of the letting of these Premises.

For further information in respect of the Rating Assessments appropriate to the property, prospective tenants are advised to contact Boston Borough Council, Tel: 01205 314200.

PLANNING
Planning Permission and Listed Building Consent was granted on 3rd May 2007 for the change of use from Class A2 (Bank) to Class A3 (Restaurants and Cafes) into two separate units with external alterations.

Units 1 & 2 have been used for a number of years as Restaurant orCafé Premises and as such have established uses now falling underUse Class E of The Town and Country Planning Act (Use Classes) Order 1987 (as amended).

For further information in respect of planning-related matters, we would recommend that potential tenants contact the Planning Department at Boston Borough Council. Tel: 01205 314200.

EPC RATING
In terms of Units 1 & 2, comprising the commercial elements of the property, the following EPC Ratings are applicable:

Unit 1 - B48 - Valid until April 11th 2034
Unit 2 - D78 - Valid until February 9th 2029

Terms

LEASE TERMS
Unit 1 (comprising the former Prezzo Restaurant), is to be made available by way of a minimum 10 year initial lease term on an effective full repairing and insuring basis.

Unit 2 is to be made available following completion of landlord's separation works by way of a minimum 5 year initial lease term on an effective full repairing and insuring basis.

RENTAL TERMS
Unit 1 - £40,000 P.A.X to increase at the start of year 3 to £45,000 P.A.X and to a minimum of £50,000 P.A.X at the end of the 5th year of the initial lease term where there will be an upward-only rent review to either this figure or Market Rent at that time, whichever figure is the higher.
Unit 2 - £12,500 P.A.X.

TENANTS DEPOSIT
The equivalent to 6 months rent plus VAT will be required to be paid as a Tenants Deposit.

PREMIUM
No premium is being requested for the fixtures and fittings and kitchen equipment (excluding the mechanical and and extraction installation).